New Delhi: New Delhi Connaught Place was upgraded to 17 in the most expensive office market in the world from the 25th position in 2020, with an average annual occupancy cost of USD 109 square feet, according to the JLL property consultant.
In the Rent Tracker Premium Rent Tracker (Port) report, the consultant said that New York-Midtown and Hong Kong-Central shared the title as the most expensive office market in the world.
These cities ordered USD 261 per square foot of annual occupancy costs.
Beijing-Finance Street, London-West End, and Silicon Valley are in the top five from the global list.
The Asia Pacific region contributes 6 of the 10 most expensive office markets throughout the world.
“Heart of the National Connaught Place is home to premium buildings and remains the most expensive office market in the country.
The place of Connaught in Delhi has climbed a rating from 25th place last year to 17 years with an average occupancy fee.
USD 109 Square feet per year higher than San Francisco, “said JLL India in a statement.
Reports compare residential costs for premium office buildings throughout the world’s leading real estate market.
This seventh edition includes 127 Office Markets and Suppets in 112 cities.
Occupancy costs can be understood as the cost of a clean leasable area (actual rented area) and covers all costs for invaders including leases (effective rental debt after considering the free period of rent, tenant enhancement benefits), service fees (maintenance, etc.) and government tax paid on rent.
According to the report, BKC Mumbai (Kurla-Kurla-complex) with an annual occupancy cost of USD 102 per square foot is the second most expensive Indian city office market.
It has slipped one position up to 23 from last year.
Mumbai District Center (CBD) Regency stands in 63st position with an annual occupancy fee of USD 58 per square foot.
Residential costs remain stable at USD 51 per square foot per year for Bengaluru, but the IT city slid to the 77th place from 74th place last year.
“Residential costs in Gurugram, Delhi-NCR slowed from USD 48 per square foot per year to USD 44 per square foot per year, moved it to 91st position from last year,” said the statement.
Chennai with a residential fee of USD 21 per square foot per year is the fourth most affordable office market globally.
Globally, the main office rental around the world has fallen since 2020 x 0.8 percent in the term local currency.